The Liquid Argon Market is expected to promise high growth owing to the increasing demand for liquid argon due to extensive use in the healthcare industry in recent years. Increasing demand from end-use industries including electronics & electrical, healthcare, space research is expected to drive the growth of the market.
Argon with atomic number (18) is an inert noble gas. In its liquid form, it is tasteless, odorless, non-flammable, and glacial or gelid in nature. It is monoatomic and does not react with other elements unless externally polarized.
Although argon is naturally occurring in the gaseous state, it is, however, transported in the liquid form. Liquid argon is a cryogenic fluid and obtained by cryogenic distillation of liquefied atmospheric air. It has a boiling point of -303 F and hence, it is transported using cryogenic storage cylinders. It forms 0.934 percent of the earth’s atmosphere by volume. It is being extensively used in the medical industry due to its vast potential uses. It is also used in space research to unsheathe dark matter.
A detailed analysis of the Liquid Argon Market requires a complete breakdown of the market to get close to each founding component. It is segmented based on Application, End-use industry, synthesis methods, product landscape, and purity levels. Although it is not a chemical itself liquid Argon is extensively used in the chemical industries for its special properties that help industries in the innovation of new products and reduce the production costs. It is also used as a substitute for nitrogen hence it has various industrial applications that are also expected to drive the product market over the forecast period.
Key Factors Impacting Market Growth:
- Increase in demand for liquid argon due to extensive use in the healthcare industry
- Rise in demand for liquid argon in western markets due to vast use in the eye care industry
- Increase in demand for liquid argon in the electronics industry due to its photovoltaic properties
- Increase in storage cost due to high demand
- Extreme cold conditions due to extended exposure to liquid argon
- Stagnated demand and supply in Asian and Middle Eastern markets due to lack of advancement in scientific technology
- The liquid argon market is expected to rise mainly due to the growing demand for argon in metalworking application in electronics and energy industries
- High cost and complexity of the production process of liquid argon can marginalize the expansion of the global liquid argon market
Based on the region, the liquid argon market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America and Western Europe are some of the major markets that are also traditional suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has been witnessing several transitions in terms of productions of chemicals and respective applications by end-use industries. The preference for bio-based feedstock has been leading the liquid argon market in these regions. Moreover, regulatory authorities have imposed strict guidelines about environmental concerns and potential health hazards due to exposures. Those also influence the local companies to produce liquid argon. This has been more instrumental in the Western Europe region competitively. Some of the major economies in these regions include the US, Germany, UK, France, Canada, Italy, Spain, and so on.
The Asia Pacific and the Middle East are expected to register substantial growth in the liquid argon market during the forecast period. This demand is about the growth of major end-use industries such as electronics & electrical, healthcare, space research. Major countries in the Asia Pacific region include China, South Korea, Japan, India, Australia, and so on. Middle East includes the UAE, Saudi Arabia, Iran, Israel, Egypt, and so on. Eastern Europe has been largely dominated by Russia and Turkey with operations of major chemical giants in the region. Rest the World that includes South America and Africa has a strong potential for the liquid argon market. There have been an increasing number of investments by global companies in these regions to strengthen their presence and tap the potential market. Major economies in these regions for the liquid argon market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.
Companies Covered: Major companies profiled in the report include Prax Air, The Linde Group, Hesser, Yingde gases group, BAOWU, Air Liquide, TAIYO NIPPON SANSO, Nippon Steel and Sumitomo Metal Corporation, Shandong Steel, HBIS Group, and Thyssenkrupp AG. These companies profiled represent current scenarios like sales, revenue, R&D, development strategies, etc. of the liquid Argon market that will be helpful for other key players to make a significant decision.
By Synthesis Method:
By Product Landscape:
By Purity Level:
- Target Neutrino Experiment
By End-Use Industry:
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Region (South America, Africa)
Reasons to Buy This Report:
- Market size estimation of the global liquid argon market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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